Southeast

Lingerfelt CommonWealth to Acquire Hotel in Virginia Beach for $19M, Invest $25M for Renovation

by Camren Skelton May 16, 2018

VIRGINIA BEACH, VA. — Lingerfelt CommonWealth Partners LLC will acquire the Virginia Beach Resort Hotel & Conference Center, a 295-room hotel located at 2800 Shore Drive in Virginia Beach, for $19 million. The Richmond, Va.-based company plans to invest $25 million to renovate the property, and will rebrand it as Delta Hotel by Marriott, a hospitality brand designed for business and leisure travelers. The 263,328-square-foot property is situated on 3.6 acres along the Chesapeake Bay. Commonwealth Lodging Management LLC, Lingerfelt’s hotel management affiliate, will operate and manage the hotel. The Virginia Beach Development Authority has approved an Economic Development Investment Program grant of $200,000 based on the company’s capital investment of $25 million. The new operators will continue to run the hotel through the season and close it sometime in October to complete the 14-month renovation project, according to Warren Harris, director of Virginia Beach Economic Development.

May 16, 2018

Loans Office Southeast Virginia

NXT Capital Provides $19M Refinancing for Office Building in Reston, Virginia

by Camren Skelton May 16, 2018

RESTON, VA. — NXT Capital has provided a $19 million first mortgage loan to refinance Parkridge III, a 109,000-square-foot office building in Reston. Dan McIntyre of HFF arranged the loan on behalf of the undisclosed borrower. Parkridge III is located within Reston’s largest office park, directly off Dulles Toll Road, and roughly five miles from Dulles International Airport. The building features a fitness center and a conference room, and the greater office park features a pond, picnic area and a volleyball court.

May 16, 2018

Acquisitions North Carolina Office Southeast

Grubb Properties, Blue Vista Capital Sell Office Park in Durham for $16.2M

by Camren Skelton May 16, 2018

DURHAM, N.C. — Grubb Properties, in conjunction with Blue Vista Capital Management, has sold Paradigm Park, a two-building office campus in Durham, for $16.2 million. An undisclosed owner-occupant acquired the asset and will consolidate its operations at the new facility. The joint venture originally acquired the vacant, 147,477-square-foot property in 2015 for $6.6 million, and began a significant renovation and leasing program. Completed enhancements include a new courtyard, redesigned entrances, improved landscaping, renovated lobbies and bathrooms and new HVAC and mechanical systems. In addition, the renovation included the addition of a fitness center with locker rooms and a conference workspace. Paradigm Park is located adjacent to Research Triangle Park off Interstate 40.

May 16, 2018

Acquisitions Retail Southeast Tennessee

EXP Realty Advisors Arranges $9.4M Sale of Retail Center Near Knoxville

by Camren Skelton May 16, 2018

LENOIR CITY, TENN. — EXP Realty Advisors has arranged the $9.4 million sale of The Market at Town Creek, a 64,000-square-foot retail center located at 300 Market Drive in Lenoir City, roughly 24 miles southwest of Knoxville. The center is home to tenants such as Food City, Pizza Hut, Bojangle’s, Pet Sense and Physician’s Care. Andrew Greenberg of EXP Realty Advisors arranged the transaction on behalf of the undisclosed seller. A Tennessee-based investor acquired the asset through a 1031 exchange.

May 16, 2018

Affordable Housing California Loans Louisiana Multifamily North Carolina Western

Arbor Realty Funds $19.7M in Financing for Affordable Housing Properties Across the United States

by Amy Works May 15, 2018

STOCKTON, SONORA AND JAMESTOWN, CALIF., HICKORY, N.C., AND SHREVEPORT, LA. — Uniondale, N.Y.-based Arbor Realty Trust has funded five loans totaling $19.7 million under the Fannie Mae DUS Multifamily Affordable Housing product line for properties across the United States. The borrower was Apartment Corp., a privately held real estate investment firm with a portfolio exceeding 20,000 units. Apartment Corp. is using the loans for both refinancing and acquisition purposes. Alexander Kaushansky of Arbor Realty Trust arranged the financing. The transactions involved are: $3 million in refinancing for Pacific Pointe, an 80-unit Low-Income Housing Tax Credit (LIHTC) property in Stockton. $3.7 million in refinancing for Granite Ridge, an 80-unit LIHTC property in Stockton. $3.7 million in acquisition financing for Silver Spring Terrace, a 100-unit LIHTC property in Hickory. $2.7 million in acquisition funding for Yorkshire & Windsor Village, a 132-unit LIHTC property in Shreveport. $6.7 million in refinancing for the Sonora Portfolio, a three-property, 220-unit LIHTC portfolio in Sonora and Jamestown.

May 15, 2018

Loans Multifamily Southeast Virginia

HFF Arranges $95.5M Acquisition Loan for Apartment Community in Metro D.C.

by Camren Skelton May 15, 2018

ALEXANDRIA, VA. — HFF has arranged a $95.5 million loan for the acquisition of Meridian at Carlyle, a 403-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C. Steven Klein and Cary Abod of HFF secured the five-year, floating-rate loan through MetLife Investment Management on behalf of the buyer, a joint venture led by Lincoln Property Co. (LPC). The new ownership will renovate unit interiors, update common area amenities and rename the community Lincoln at Old Town. Located at 401 Holland Lane, the property is adjacent to a Whole Foods Market and within walking distance to the King Street Metro Station. Community amenities include a resort-style pool, barbecue area, putting green, fitness center, clubroom with billiards, concierge services and on-site dry cleaning service.

May 15, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Brokers $72.5M Sale of Multifamily Community in Atlanta’s Buckhead District

by Camren Skelton May 15, 2018

ATLANTA — Cushman & Wakefield has brokered the sale of 32Hundred Lenox, a 431-unit apartment community located in Atlanta’s Buckhead district. Travis Presnell, Tyler Averitt and Mike Kemether of Cushman & Wakefield arranged the transaction on behalf of the seller, Elite Street Capital. A joint venture between Torchlight Investors and Wilkinson Corp. acquired the asset. The sales price was not disclosed, but the Atlanta Business Chronicle reports the community sold for $72.5 million. The new owners plan to renovate 32Hundred Lenox, which was originally constructed in 1967. The community is located adjacent to the Lenox MARTA station and features a barbecue area, swimming pool, children’s play area, fitness center, spa and a business center.

May 15, 2018

Acquisitions Georgia Multifamily Southeast

Main Street Residential Acquires Apartment Community in Metro Atlanta for $20M

by Camren Skelton May 15, 2018

MARIETTA, GA. — Main Street Residential has acquired View 75, a 214-unit apartment community located at 1035 Franklin Road in Marietta, roughly 20 miles north of Atlanta, for $20 million. The name of the seller was not disclosed. Main Street will invest $2 million to renovate the community’s interiors and exterior, as well as upgrade the property’s common areas. View 75 includes a mix of one-, two- and three-bedroom apartment and townhome-style floor plans. Community amenities include a pool, playground, basketball court and on-site laundry facilities

May 15, 2018

Acquisitions North Carolina Office Southeast

CBRE | Raleigh Secures Sale of 56,954 SF Office Building in Triangle

by Camren Skelton May 15, 2018

CARY, N.C. — CBRE | Raleigh has arranged the sale of One Harrison Park, a 56,954-square-foot office building located at 401 Harrison Oaks Blvd. in Cary, roughly 12 miles west of Raleigh. Ben Kilgore, Jim McMillan, Ed Pulliam and John Brewer of CBRE | Raleigh arranged the transaction on behalf of the seller, Griffin Partners Inc. Priam Capital acquired the building for an undisclosed price. One Harrison Park was 91 percent leased at the time of sale to tenants such as Trilliant, Biosignia, Keys & Fox, Leukemia & Lymphoma Society and Bainbridge.

May 15, 2018

Acquisitions Retail Southeast Tennessee

Cooper Commercial Arranges $3.8M Sale of Retail Center in Memphis

by Camren Skelton May 15, 2018

MEMPHIS, TENN. — Cooper Commercial Investment Group has arranged the $3.8 million sale of The Shops at Cordova Station, an 18,950-square-foot retail center in Memphis. Bob Havasi and Dan Cooper of Cooper Commercial arranged the transaction on behalf of the seller, a private investment group. A New Hampshire-based investor acquired the asset. The Shops at Cordova Station was fully leased at the time of sale to tenants such as Iberia Bank, 3 Guys Pizza Pies, Avis Car Rental, Jenny’s Nails and Game X-Change.

May 15, 2018

Newer Posts

Older Posts